A widely respected analyst is bullish on layer-1 blockchain Avalanche (AVAX) while offering predictions for its flagship memecoin, Dogecoin (DOGE), and its interoperable chain, Polkadot (DOT).
The analyst, who goes by the pseudonym Rekt Capital, told his 518,000 followers on social media platform X that the Avalanche had witnessed a strong November.
“Avalanche posted a historically strong monthly close above the light blue level of $38.57.
Any future decline (below $38.57) will likely be an attempt at a retest in a very similar way to the retests in September 2021 and March 2024 (green/orange circles).”
Based on the trader’s charts, he seems to suggest that AVAX is likely to retest $38.57 as support and then tend to bounce.
Avalanche is trading at $51.14 at the time of this writing, up more than 12% in the past day.
Next is Polkadot. The widely respected analyst said the 17th-largest cryptocurrency asset by market capitalization posted a “strong monthly close” to reach levels last seen in April.
“DOT is also showing early signs of retesting this level (around $8.61) as new support.
DOT must continue to do this to enable further lift.
Price stability at $8.61 = important.”
Polkadot is trading at $10.24 at the time of this writing, up nearly 7% in the last 24 hours.
In the case of Dogecoin, Rekt Capital notes that the flagship memecoin has broken out of the upper boundary of an ascending triangle pattern formed on the daily time frame. In technical analysis, a breakout of an ascending triangle is considered bullish.
“If necessary, a break to the upper part of the pattern (around the $0.43 level) would be a breakout followed by a retest to confirm the breakout.”
Dogecoin is trading at $0.421.
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